The social media giant has rebranded its millions of local business pages as Facebook Services, offering users the chance to rate and communicate with these businesses. They can also get a view of the top businesses in various categories.
As proof that Wall Street thinks this could be trouble for Yelp, that company’s stock fell more than nine percent after Facebook introduced its new feature.
“We’re in the early stages of testing a way for people to easily find more Pages for the services they’re interested in,” a Facebook spokesperson told Business Insider.
The implication for advertising is clear: Pay to have your business seen near the top of specific categories.